This is How Bitcoin Gambling Came to Be
Bitcoin gambling is at its peak and its growth doesn’t seem to be slowing down any time soon. Because of that, we want to take a closer look at the history of bitcoin gambling to explore the origins of one of the most popular forms of modern gambling.
Bitcoin gambling wasn’t always as safe as it is today, nor was it as widespread as modern online casinos make it possible for it to be. Join us as we explore the history of bitcoin gambling and discover how it all began for the world’s best bitcoin casinos!
The Beginning of Bitcoin in 2008
We don’t know who is Satoshi Nakamoto. We don’t know if he’s a person, a group, or even a she. All we know is that Satoshi Nakamoto is the founder of bitcoin, which was released in 2008. It was in January 2009 when the first bitcoin transaction occurred, and it was only natural for the iGaming world to take hold of the currency sooner rather than later.
It did take a few years before bitcoin gambling became popular, though. First, bitcoin was going to become a mainstream global phenomenon that was set to change the way we look at modern payments and currency,
The First Instance of Bitcoin Gambling August 2011
There was a gambling site where you could only play poker that got released in 2011, which is now known as the first bitcoin gambling site – the precursor to all sites that we know and love today. The site was run independently by a Swedish company, which was also responsible for manufacturing apps that allowed you to bet on Apple devices with real money.
However, Satoshi Dice was the first gambling, non-poker site released that actually made it to the mainstream world of online gambling. It was created by a person named Erik Voorhees, and the site is still active in the 2020s – even though it has changed hands since 2012, when it was first released.
Just Dice, the First Crowdfunded Bitcoin Casino
The main competitor of Satoshi Dice, which grew to become one of the most important gambling sites on the planet, lost 1,300 BTC due to a human error. This raised eyebrows on user safety protocols that online casinos needed in order to properly operate with bitcoin.
The human error occurred in 2013, but it wasn’t until a few years later when gambling regulators would get their hands on top of bitcoin casinos just like they were already doing in other online gambling sites.
The First Major Bitcoin Casino Win
The first major bitcoin casino win was earned by a man who went by the username of Nakowa. He earned a staggering 11k BTC back in September 2013, when 11,000 bitcoins were ‘only’ worth $1,650,000. Today, the same amount of bitcoin would be worth over $550 million!
Gambling Regulators in the Bitcoin World
Gambling regulators came to prominence in 2016, even though they first started in 2014. There is a caveat here, though. You’d think that gambling regulators came our for the sole reason of players safety, but that wasn’t the only reason; bitcoin casinos that were already established wanted a stronger grasp of the market and to reduce competition. Regulators ensured that only a handful of casinos remained trusted.
The first bitcoin casino to have ever been licensed was Bitcasino.io, which obtained its license at the hands of the Curacao Government, one of the world’s most prominent gambling regulators of online casinos.
UK Gambling Regulations Loosen
It wasn’t until 2016 when United Kingdom gamblers got to legally play in the world’s best bitcoin casinos. Even though the UK iGaming market has always been one of the main online casino markets in the world, government restrictions were pretty strict when it came to bitcoin gambling.
In 2016, the UKGC changed its stance in regards to online casinos and also started issuing licenses to many of the modern giants of the bitcoin gambling world. This allowed British gamblers to start placing bets on popular casino games, making it possible for players to do as they please with their bitcoin in the best casinos in the world.
Popular Altcoins on the Rise for Gambling
Near the end of 2016, in October, many bitcoin casinos started taking bets in other sorts of cryptos. The rise of altcoins in the iGaming world made it possible for players to trade their bitcoin for other popular cryptos in bitcoin gambling sites.
The prominence of Litecoin and Ethereum was noted among the most relevant in the iGaming world. Then came others, like Dogecoin, which also became really popular gambling cryptos in the world of online casinos. They have been ever-present in the world of online gambling since 2016.
Bitcoin Gambling Ever-Present since 2017
It’s easy to pinpoint 2017 as the year where bitcoin gambling was truly consolidated as a major force. Bitcoin had been around for almost a decade by then, it was already a form of payment that many people trusted, and the price kept on the rise.
As such, since 2017 and onwards, bitcoin casinos have done nothing but to continue growing. One can only wait and see what the future holds for the bitcoin gambling world, but the history of bitcoin gambling is one to behold and look out for in awe and disbelief!
Best Bitcoin Casinos to Visit
Now that you know all about the history of bitcoin gambling and how modern bitcoin casinos came to be, it’s time for you to take a look at the world’s best casinos that you can visit and become part of this ever-growing history that we’re seeing unfold. First, though, you may want to check out our guide on how to gamble with bitcoins if you’re unsure as to how.
All of these casinos let you claim fantastic bonuses that will let you play slots, table games, bitcoin dice, and even live dealer games in hopes of earning a ton of extra cash in return: